26 May 2014
NZD/USD is marginally lower in Asia
FXStreet (Moscow) - NZD/USD is trading at 0.8533, down -0.15% on the day, having posted a daily high at 0.8551 and low at 0.8526.
Why kiwi resembles the euro?
The fact that the pair posted lower lows on the last trading day of the previous week may hint on the possibility of further move down in the week ahead, despite the practically empty economic calendar. Te situation in the pair resembles the EUR/USD stance, as the market is positioning for the more dovish stance of the regulator in the nearing meeting, The closer the day X, the weaker the demand on the kiwi. From the technical point there is strong support level at 0.8525 to the downside, while the upside may be limited by 0.8550 resistance.
What price levels and patterns have to be considered?
With spot trading at 0.8534, we can see next resistance ahead at 0.8539 (Monthly Low), 0.8541 (Daily Open), 0.8546 (Hourly 20 EMA), 0.8546 (Weekly Low) and 0.8550 (Daily Classic PP).
Support below can be found at 0.8530 (Yesterday's Low), 0.8526 (Daily Low), 0.8526 (Daily Classic S1), 0.8505 (Daily Classic S2) and 0.8499 (Weekly Classic S1).
Why kiwi resembles the euro?
The fact that the pair posted lower lows on the last trading day of the previous week may hint on the possibility of further move down in the week ahead, despite the practically empty economic calendar. Te situation in the pair resembles the EUR/USD stance, as the market is positioning for the more dovish stance of the regulator in the nearing meeting, The closer the day X, the weaker the demand on the kiwi. From the technical point there is strong support level at 0.8525 to the downside, while the upside may be limited by 0.8550 resistance.
What price levels and patterns have to be considered?
With spot trading at 0.8534, we can see next resistance ahead at 0.8539 (Monthly Low), 0.8541 (Daily Open), 0.8546 (Hourly 20 EMA), 0.8546 (Weekly Low) and 0.8550 (Daily Classic PP).
Support below can be found at 0.8530 (Yesterday's Low), 0.8526 (Daily Low), 0.8526 (Daily Classic S1), 0.8505 (Daily Classic S2) and 0.8499 (Weekly Classic S1).